Today, Prime Minister Narendra Modi is holding a cupboard assembly at his residence discussing a 2nd lockdown stimulus package to tackle the coronavirus crisis. If approved the fund will also help to handle the impact of the extended nationwide lockdown.
This is going to be the second COVID-19 stimulus package since the country went into lockdown to slow the transmission of the highly contagious virus.
A package of Rs 1.7 lakh crore was approved earlier this month. PM Modi and Finance Minister Nirmala Sitharaman last week met to debate a monetary bundle, which is likely to cover relief MSMEs (Micro, Small & Medium Enterprises) and tourism.
In today’s cabinet meeting the Companies (Amendment) Bill will be discussed which is likely to be brought as an ordinance. There also may be changes in bankruptcy and insolvency and it may be brought as an ordinance. The move aims to safeguard the companies from going through this route for the next six months or the time specified.
There has been no progress on the decision to increase Dearness Allowance (DA) of government employees and prisoners. Earlier the cabinet announced a 4 percent hike in DA from the existing 17 percent. But, the government later said it would consider the hike when India’s financial condition will be better next year. Over 54 lakh government employees and 65 lakh pensioners will be impacted by the decision.
India has climbed to nearly 20,000 coronavirus cases along with 640 deaths. More than 2.4 million infections have been confirmed in at least 185 countries and territories, including some 1,70,000 deaths. Among all the countries the United States has recorded the highest number of fatalities. The US has recorded 819,175 cases with 45,343 deaths till now.